The fund management invests in global healthcare stocks that generate above-average and sustainable earnings growth over a long period of time. The fund focuses on companies that contribute to significantly improving human health, extending life expectancy and/or reducing healthcare costs. The long-term attractiveness of the healthcare sector is supported by demographics and social change due to the ageing population and rising wealth, especially in emerging countries.
Further details on the opportunities and risks of this fund can be found in the sales prospectus.
Indexed performance
Performance in 12-month periods
Currencies
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Countries
Asset classes
Top Holdings
Monthly market comment
In June, the markets proved resilient, buoyed by growing optimism about possible interest rate cuts later in the year. However, market sentiment remained subdued due to geopolitical tensions and mixed economic data. The Berenberg Health Focus Fund outperformed its benchmark. UCB gained, supported by strong US prescription data. Chemometec benefited from a positive press article highlighting the significant sales potential of new products. Sartorius Stedim Biotech also gained following analyst comments on expected sales growth in the second quarter. In contrast, Novo Nordisk had to give up its May gains, weighed down by good study data from Eli Lilly and the end of its collaboration with Hims & Hers. Intuitive Surgical fell after a negative analyst study that pointed to the risk of refurbished instruments. Similar concerns already existed in 2018/2019 but did not actually affect business performance. AstraZeneca performed weaker without any significant news flow. We bought Bonesupport and Alnylam Pharmaceuticals.
Portfolio Management
Kay Eichhorn-Schott
Kay Eichhorn-Schott has been a Portfolio Manager at Berenberg since October 2017. Kay started his career in the Berenberg International Graduate Program in October 2015 and joined the Wealth and Asset Management division in London after completing the program. He holds a Master of Science in Finance and studied at EBS Business School, University of Bath and Texas A&M University. Kay Eichhorn-Schott is a CFA Charterholder.
Kay Eichhorn-Schott
Portfolio Manager
CO₂-Intensity
The CO₂ Intensity (Scope 1 & 2emissions) per company is multiplied by is portfolio weight (current value of the investment by current portfolio value) and summedup. This weighted average CO₂ Intensity provides an indication ofthe portfolio’s exposure to CO₂ emission intensive companies. The unit is in tons of CO₂ per USD 1 million revenues.
The fund does not actively manage its carbon footprint, however, emissions data such as CO2 intensity are relevant parameters which can be used to assess the efficient management of a company and the extent of transition risks.
ESG Score
Using a score between 0 (lowest) and 10 (highest), MSCI ESG assesses the ability of portfolio holdings to identify and manage environmental, social and governance-related risks compared to peers. The ESG scores are assigned at the holding level and are aggregated at the portfolio level as the weighted average ESG Score.
The data provider MSCI ESG uses an ESG score of 0 to 10 to assess the management of material ESG risks of portfolio holdings compared to competitors.
ESG Controversies Screen
MSCI ESG analyses controversial business practices from the five areas environment, human rights, labour rights & supply management, customers and governance. The controversies are rated according to their reputational risk as well as the operational handling by a flagging system. Green indicates no or weak controversies, yellow indicates moderate controversies, orange indicates severe controversies and red indicates very severe controversies.
Investments in the fund are monitored for ESG controversies and, with the help of MSCI ESG data, flagged according their severity. Thereby, potential ESG risks of investments are identified. In the case of an orange flag (severe controversy), we enter into an active exchange with the company. In the case of a red flag (very severe controversy), the company is excluded.